Property Management Blog

Property management Detroit MI area and setting rental amounts

Chris Garner - Wednesday, April 18, 2018

Setting and collecting rent is crucial to the landlord's business. Hence it is important to ask a property management Detroit MI area Company about its policy on this crucial issue. One must also take a call as to how much the company is charging the landlord, since apart from the rental rates; this value will also pay a critical role in determining the properties' values.

Secondly, one must determine in advance whether the company performs rental surveys to find the rent values in the neighbourhood for comparable properties.

Additionally, it is sensible to find out before hand whether a company puts contractual escalators in one's lease agreements.Such escalators allow a landlord to increase the rental rates without a need to explain or negotiate with the tenants.

Maximizing the rental values involves a deep science. It is important that the property management company performs solid research on at least 10 to 20 recently rented comparable properties in the area. Additionally, maximizing the rent must also be done while taking into account the goal of getting one's property rented out at least within a month.

The second crucial aspect in this point is collecting the rent. Rents should ideally be collected on the first of each month. One should try to determine if a company runs a tight ship or not by asking how much their current rental delinquency rates are.